SHANGHAI: The economic competition between the United States and China poses an opportunity for China to win over the rest of the world, said Singapore Minister for Trade and Industry Minister Chan Chun Sing on Wednesday (Nov 6).
Speaking at a forum in Shanghai, Mr Chan also said that “China will have great responsibilities to set the standards of behaviour for the world” in economics, politics and technology.
“China has the opportunity to seize this moment in history to win the world over, through your superior technology, economics management, geopolitical perspective, and so forth. It is a moment that China can and should treasure,” he elaborated.
“China in its long history has gone through good times and bad times. China in its long history has always known that its benevolence will win over the world more than its might.”
In his speech, Mr Chan also spoke about the importance of the digital economy in today’s political and economic climate. He said that global integration will be underpinned by the more important, non-physical dimensions, like data, finance, talent, and regulation.
Mr Chan is on a two-day visit to China, where he attended the China International Import Expo, and the informal World Trade Organization Ministerial Meeting.
On Wednesday, he toured the exhibition booths of 84 Singapore firms participating at the expo.
Speaking to the media on the sidelines of his tour, he urged Singapore firms to be bold enough to tap opportunities in unconventional markets within China.
“I’ve always encouraged people to look at China not as a monolithic China where there’s only one market, he said.
“The question is whether we are bold enough to venture beyond our comfort zones, venture beyond the coastal, first-tier, developed cities into other parts of China to explore those opportunities, and if we can do so, then I am quite sure there’ll be many other opportunities for us.”
During his visit, Mr Chan also witnessed the signing of three deals between Singapore and China entities. These span the areas of investment, finance, and aviation.